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Payments Company Affirm Is Shutting Down Its Crypto Business
During the bull market of 2021, Affirm had joined a number of fintech firms in offering clientele the ability to buy and sell crypto.
By Helene Braun
Updated May 9, 2023, 4:07 a.m. Published Feb 8, 2023, 9:32 p.m. 1 min read
Payment network Affirm (AFRM) is shutting down the cryptocurrency service it started in 2021, according to a letter to shareholders on Wednesday.
Affirm Crypto will close on March 2. The shutdown is part of a larger retrenchment for the company, which also announced it would eliminate 19% of its workforce. It's unclear what proportion of those layoffs are related to the crypto operation.
“Concurrent with reducing our workforce, we are sunsetting several initiatives, such as Affirm Crypto,” CEO Max Levchin said in the letter.
Affirm joined other fintech firms launching crypto initiatives in the late stages of the bull market. Affirm Crypto was designed to let customers buy, sell or hold cryptocurrencies.
The company's stock recently fell 17% in after-hours trading.
UPDATE (Feb. 8, 21:47 UTC): Adds comment from Affirm CEO Max Levchin.
Sizin için daha fazlası
The inclusion could attract fresh passive inflows from index-tracking funds, while the firm's stock tanked 95% from its peak over the past year.
Bilinmesi gerekenler:
- SharpLink will join the Russell 2000 and Russell 3000 indexes effective June 29.
- The company held nearly 873,000 ETH, worth roughly $1.8 billion at current prices.
- The inclusion comes as many digital asset treasury firms have slowed or halted crypto purchases.
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